Cryptos plunge sharply: $1 billion liquidated in 24 hours
Wall Street has just had its worst session since April 2025. The Nasdaq 100 is collapsing, stocks linked to artificial intelligence are plummeting and cryptos are following. Bitcoin falls back below $77,000, while more…
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The November 5 session turned into a nightmare on the American markets. The Nasdaq 100 lost 6.24% and officially fell into the correction zone, more than 10% below its October 6 record. The Nasdaq Composite fell more than 4%, the S&P 500 more than 3% and the Dow Jones about 2.3%. This is the worst day for the tech index since the April 2025 tariff episode.
At the heart of the debacle, semiconductors. The SOX index fell by almost 9%, Nvidia (NVDA) lost 6.69% and data center operators like IREN or Hut 8 lost between 6 and 11%. The trigger is political: the Republican defeat in the mid-term elections of November 3 raises fears of stricter supervision of the expansion of data centers, particularly in Texas.
Cryptos were quick to follow. Bitcoin (BTC) is trading around $76,641, down 4.89% over 24 hours. It even briefly went below its floor on October 30, the day of the Binance hack.
The breakage is brutal on derivatives. In 24 hours, $1.05 billion in positions were liquidated, 88.2% of which were bullish bets. Around 202,293 traders were swept away, for an average loss of around $5,200 per account.
The timing leaves no doubt about the connection with Wall Street. Nearly two-thirds of the day's liquidations fell in the hour following the US open, when the Nasdaq lost more than 3%. Over the past four hours, the ratio of longs to shorts liquidated is around 11 to 1. The largest single liquidation is a $10.94 million long ETHUSDT on Binance.
Heat map of liquidations over the last 24 hours. Source: Coinglass.com
By asset, Bitcoin concentrates $266 million in liquidations, ahead of a pocket of altcoins ($169 million) and Ether ($166 million). Note, approximately $142 million was liquidated in chip-related stock perpetuals (SanDisk, Micron, SK Hynix, SOXL) via crypto platforms. This is more than four times the volume liquidated on Solana. The bridge between American tech and crypto has never been so direct.
When markets get this hot, knowing when to enter and exit becomes a real question, and a free assessment helps answer it.
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- Cryptoast5 Nov, 17:51Cryptos plunge sharply: $1 billion liquidated in 24 hours ↗Figures: 1 milliards
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